Fire-safety specialist Deluge Corporation to raise S$23 million in IPO at 60 cents a share
It wants to power larger projects, acquisitions and regional growth; trading is expected to start Oct 16
Fire-protection firm Deluge Corporation is set to raise S$23.4 million through an IPO priced at 60 Singapore cents per share. The company aims to invest the proceeds in larger projects, acquisitions and regional expansion. With a valuation of S$87 million, Deluge will issue 15.6 million new shares, including 14.8 million placement shares and 800,000 public offer shares.
The listing is expected to commence on October 16, with major investors such as Amova Asset Management Asia and Avanda Investment Management subscribing for additional shares. CEO Lee Wai Wah stated that the listing marks a shift for Deluge from traditional fire-protection contracting to becoming an engineering specialist. The company, founded in 1983, is now the largest player in Singapore's fire detection and protection industry, holding around 8.3% of the market share in 2025.
Deluge has secured over S$60 million in new projects since January, with data centers accounting for a significant portion of its FY2026 revenue. The company plans to use the net proceeds for strategic partnerships, acquisitions, joint ventures, and regional expansion.
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